Local.com will pay $12.5 million in cash, stock and debt for Screamin’ Media Group Inc. and up to $20 million more if certain financial performance criteria are met in the next two years.

Screamin’ Daily Deals was started in 2010 and has 60 employees. The company offers discounts from thousands of local businesses in 14 U.S. markets. Its unaudited revenue was $2.4 million in 2010 and $4.4 million in the first six months of 2011.

Screamin’ Daily Deals will move to Local.com’s Irvine headquarters and change its name to Spreebird, a deals website that Local.com launched in May.

“This transaction diversifies our revenues and provides us with a new way to engage consumers,” said Heath Clarke, Local.com chairman and CEO. “School Rewards is a terrific program that allows us to develop a more meaningful relationship with merchants and consumers by enabling them to contribute financially to their local schools.”

Screamin’ Media co-founder Benson Kane said, “Local.com has a considerable array of assets that we believe we can leverage, including reach of over 20 million consumers each month through its flagship property plus a distribution network of over 1,400 regional media sites.”

Local.com has been profitable for two years, but analysts estimate it will lose 12 cents a share on revenues of $17.1 million for the quarter that ended June 30 because its Yahoo revenues took a hit after Microsoft’s Bing search engine cut its ad prices, says TheStreet.com.

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